PepsiCo (NYSE:PEP) announced today that net income in the first quarter was flat versus a year ago, as the company was able to raise prices to make up for rising ingredient costs. The company earned $1.13 billion, or 71 cents per share,versus $1.14 billion, or 71 cents per share, in the same period last year. Excluding one-time items, the company earned 69 cents per share, beating expectations of 66 cents per share. Revenue grew by four percent to $12.43 billion, mostly due to price increases.

Shares are lower by 0.36 percent in early trading.

Rival Coca Cola (NYSE:KO) today announced that it is seeking its first stock split in 16 years. The proposed 2-for-1 split is in line with a plan by the company to double revenue during the decade. The split would increase the number of shares to 11.2 billion from 5.6 billion.

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